A trader laughs as the Dow Jones Industrial Average rises above 25,000 on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., January 4, 2018. REUTERS/Lucas Jackson Published Credit: lucas jackson/Reuters
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lucas jackson/Reuters

Good afternoon from the WSJ City desks in London. WSJ City is the app that delivers concise, smart news on business and finance for mobile. Download for iPhone or Android. Here’s essential reading on today’s developments.

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The Dow Jones Industrial Average hit a new high today – and it did it in record time. The Dow cruised through 25000 for the first time in early trading, just over a month after completing its fifth thousand-point milestone of 2017.

The world’s computer-chip and software makers scrambled to respond to the discovery of two widespread hardware vulnerabilities disclosed by cybersecurity experts that could affect most of the world’s modern computing devices.

A key marker of eurozone growth was revised up, indicating that the economy ended the year with the fastest expansion since early 2011. But there are red flags around the recovery.

The European Banking Authority is planning a large-scale restructuring next month to persuade its London-based staff to relocate to Paris after Brexit, FN reports.It has already started to lose staff since the decision to leave London.

The Mayfair-based advisory firm run by City dealmakers Simon Robey and Simon Warshaw enjoyed another strong year, after prestigious mandates boosted both profits and pay, FN reports.

Cryptocurrency fans typically either see the currencies as ways to buy and sell things or as investments, writes Nathaniel Taplin for Heard on the Street. If bitcoin really is digital gold, however, investors should analyse it like a commodity — looking at supply constraints and the factors driving demand.

Jeremy Grantham, credited with calling the 2000 and 2008 downturns, has warned investors to be prepared for the possibility of a near-term “melt-up” that could lead to a severe stock-market downturn.

With Iran’s economy in a free fall earlier this decade, Tehran gambled on the hope that accelerating talks with the international community to remove sanctions could lift livelihoods. That bet has yet to pay off.

IN THE PAPERS

A lawyer for Donald Trump demanded former senior strategist Steve Bannon stop making disparaging statements to the news media about Trump and his family. — WSJ

The Dow Jones Industrial Average held onto early gains to stay above the 25000 milestone. If the index closes above 25000, it would mark the fastest 1,000-point rise in its history.

The S&P 500 and Nasdaq Composite were both on pace to close at their third consecutive record closes for the year. All three indexes closed at record highs on Wednesday, powered by semiconductor stocks.

However, shares in Intel dropped almost 5% after the firm, along with several other computer-chip and software makers, scrambled to respond to the discovery of two widespread hardware vulnerabilities.

European stocks closed higher across the board despite strengthening local currencies, which typically hurt share prices.